Workstreamer Banks $3.5M Series A

I think it’s safe to say that early stage funding is going strong in Austin in 2010. It seems that not a week goes by without a notable seed round or A round invested in Austin companies. Back in April we wrote about Workstreamer, a business listening platform, launching their public beta. At the time they had 350 people in their private beta, and hoped to gain momentum and real customer insights from a larger public beta.

“We’ve got around 10,000 users in our beta program today, and the rate at which we’re adding users is increasing to almost 1,500 per week,” CEO Hank Weghorst reported. The company database contains data on millions of companies, but users are adding data on almost 2,500 smaller companies per week.

The data feeds brought into Workstreamer have also been getting interesting, and making your picture of the company you’re interested in more complete. Some recent additions include official company Facebook posts, job posting data from Austin’s own Indeed.com, web traffic data from Compete.com, Jigsaw data, and much more. The daily email from Workstreamer has put my Google Alerts to shame.

Austin technology veterans Hank Weghorst and Suaad Sait have shown through their 10 week beta that they’re agile, responsive to user feedback, and rapid in rolling out new features. This Series A funding from Austin Ventures will give them some additional runway to continue product development, and to begin planning and launching their premium service offering.

Someday Workstreamer is going to be a great acquisition target for a company like Hoovers or Thompson.

The official news release can be found here. The Austin Business  Journal also covered the news.

Posted by Bryan Menell http://austinstartup.com Bryan is the founder and Editorial Director of AustinStartup.com, which launched in 2005. He is currently the Director of the Collaboratory at venture-funded Dachis Group. Bryan advises a handful of early stage companies and is a Managing Director of Capital Factory. To read more posts click here.